Net sales of $121.2 million decreased 4.3% over the prior-year first
quarter.

Net income of $20.9 million was down 6.7% over the prior-year first
quarter.

Adjusted EBITDA of $28.8 million decreased 5.3% over the prior-year
first quarter.

Earnings per unit of $0.51 was down 5.6%, over the prior-year first
quarter.

Quarterly distribution declared per unit of $0.567 remained flat
compared to the prior-year first quarter.

Net cash provided by operating activities of $37.3 million increased
by 245.4% over the prior-year first quarter.

Distributable cash flow attributable to Ciner Resources LP of $13.2
million decreased by 1.5% over the prior-year first quarter. The
distribution coverage ratio was 1.16: 1.0 and 1.17: 1.0 for the three
months ended March 31, 2018 and 2017, respectively.

Kirk Milling, CEO, commented: “We are pleased our results generally fell
in line with expectations and that most of the primary metrics we look
at to gauge business performance have improved with some even better
than expected. Production volumes in the quarter were up 2.6% over last
year, which was right in line with expectations. International prices
were up 7.9% after netting out the freight impact from our affiliate
sales. Domestic volumes were up 13.9% compared to last year. Both of
these exceeded our expectations and caused us to adjust our 2018
outlook. While we did experience a 5.3% reduction in adjusted EBITDA
during the quarter due to higher expenses in professional fees related
to our operational-excellence initiatives and higher SG&A costs, we
expect that fees related to our various initiatives will moderate as the
year progresses.”

“For the balance of 2018 we anticipate that a strong global economy will
continue to drive demand and growth throughout the world. It appears
most global markets are very tight with low inventory levels, which
should put more upward pressure on prices particularly in Asia. We also
believe our domestic volume will improve as the year progresses and
provide further positive impact on our average sales price.”

2018 Outlook:

We expect our total volume sold to be flat to up 2% compared to the
previous estimate of 1% to 3%.

We expect domestic volume to increase by 125,000 to 150,000 short tons
compared to the previous estimate of 80,000 to 125,000 short tons.

We expect domestic pricing to be down 1% to 3%.

We expect international prices to be up 1% to 3% compared to the
previous estimate of flat to down 2%**

Maintenance of business capital expenditures are planned to be in the
range of $13 to $15 million.

Expansion capital expenditures are planned to be in the range of $55
to $65 million compared to the previous estimate of $30 to $35 million.

** Excluding the change related to freight from CIDT sales in 2017.

Financial Highlights

Three Months Ended March 31,

(Dollars in millions, except per unit amounts)

2018

2017

% Change

Soda ash volume produced (millions of short tons)

0.669

0.652

2.6

%

Soda ash volume sold (millions of short tons)

0.668

0.671

(0.5

)%

Net sales

$

121.2

$

126.6

(4.3

)%

Net income

$

20.9

$

22.4

(6.7

)%

Net income attributable to Ciner Resources LP

$

10.1

$

10.9

(7.3

)%

Earnings per Limited Partner Unit

$

0.51

$

0.54

(5.6

)%

Adjusted EBITDA (1)

$

28.8

$

30.4

(5.3

)%

Adjusted EBITDA attributable to Ciner Resources LP(1)

$

14.4

$

15.1

(4.6

)%

Net cash provided by operating activities

$

37.3

$

10.8

245.4

%

Distributable cash flow attributable to Ciner Resources LP(1)

$

13.2

$

13.4

(1.5

)%

Distribution coverage ratio (1)

1.16

1.17

(0.9

)%

(1)See non-GAAP reconciliations

Three Months Ended March 31, 2018 compared to Three Months Ended
March 31, 2017

The following table sets forth a summary of net sales, sales volumes and
average sales price, and the percentage change between the periods.

Three Months Ended March 31,

PercentIncrease/(Decrease)

Net sales (Dollars in millions):

2018

2017

Domestic

$

55.3

$

49.1

12.6

%

International

65.9

77.5

(15.0

)%

Total net sales

$

121.2

$

126.6

(4.3

)%

Sales volumes (thousands of short tons):

Domestic

257.0

225.7

13.9

%

International

410.6

445.1

(7.8

)%

Total soda ash volume sold

667.6

670.8

(0.5

)%

Average sales price (per short ton):

Domestic

$

215.18

$

217.55

(1.1

)%

International

$

160.50

$

174.03

(7.8

)%

Average

$

181.55

$

188.68

(3.8

)%

Percent of net sales:

Domestic sales

45.6

%

38.8

%

17.5

%

International sales

54.4

%

61.2

%

(11.1

)%

Total percent of net sales

100.0

%

100.0

%

Consolidated Results

Net sales. Net sales decreased by 4.3% to $121.2 million for the
three months ended March 31, 2018 from $126.6 million for the three
months ended March 31, 2017, driven by a decrease in total average sales
price of 3.8%, as well as a decrease in soda ash volumes sold of 0.5%.
The decrease in total average sales prices was primarily driven by the
absence of international sales to CIDT in the first quarter of 2018.
During 2017, international average sales price reflected the increase in
freight costs driven by export sales volume to CIDT. During 2017,
international average sales price reflected the increase in freight
costs driven by export sales volume to CIDT. There were no sales to CIDT
during the three months ended March 31, 2018, as the previous contract
concluded in the 2017 year.

Cost of products sold. Cost of products sold, including
depreciation, depletion and amortization expense and freight costs
decreased by 5.0% to $93.2 million for the three months ended March 31,
2018 from $98.1 million for the three months ended March 31, 2017,
primarily due to a decrease in freight costs of 13.6% to $34.4 million
for the three months ended March 31, 2018, compared to $39.8 million for
the three months ended March 31, 2017. The decrease in freight costs was
driven by no export sales volumes to CIDT during the three months ended
March 31, 2018 compared to the prior year first quarter.

Selling, general and administrative expenses. Our selling,
general and administrative expenses increased 25.5% to $6.4 million for
the three months ended March 31, 2018, compared to $5.1 million for the
three months ended March 31, 2017. The two primary drivers for the
increase were higher selling and administrative fees relating to our
affiliate, ANSAC, which directly correlates with the volume we sell to
ANSAC, and higher expenses from our ERP implementation project.

CAPEX AND ORE TO ASH RATIO

The following table below summarizes our capital expenditures, on an
accrual basis, and ore to ash ratio:

Three Months Ended March 31,

(Dollars in millions)

2018

2017

Capital Expenditures

Maintenance

$

2.8

$

2.7

Expansion

4.8

1.7

Total

$

7.6

$

4.4

Operating and Other Data:

Ore to ash ratio(1)

1.55: 1.0

1.51: 1.0

(1)Ore to ash ratio expresses the number of short tons of
trona ore needed to produce one short ton of soda ash and includes
our deca rehydration recovery process. In general, a lower ore to
ash ratio results in lower costs and improved efficiency.

FINANCIAL POSITION AND LIQUIDITY

As of March 31, 2018, we had cash and cash equivalents of $22.1 million.
In addition, we have approximately $92.9 million ($225.0 million, less
$120.5 million outstanding and less standby letters of credit of $11.6
million) of remaining capacity under our revolving credit facilities. As
of March 31, 2018, our leverage and interest coverage ratios, as
calculated per the Ciner Wyoming Credit Facility, were 1.07: 1.0 and
25.37: 1.0, respectively.

CASH FLOWS AND QUARTERLY CASH DISTRIBUTION

Cash Flows

Cash provided by operating activities increased to $37.3 million during
the three months ended March 31, 2018 compared to $10.8 million of cash
provided during three months ended March 31, 2017, primarily driven by
$9.1 million of working capital provided by operating activities during
the three months ended March 31, 2018, compared to $18.5 million of
working capital used in operating activities during the three months
ended March 31, 2017. The $27.6 million increase in working capital
provided by operating activities was primarily due to the $26.5 million
decrease in due-from affiliates.

Cash provided by operating activities during the three months ended
March 31, 2018 were offset by cash used in investing activities of $4.0
million for capital expenditures and cash used in financing activities
during the three month period of $41.4 million. The cash used in
financing activities during the three months ended March 31, 2018 was
due to distributions paid of $23.6 million and net repayments of
long-term debt of $17.5 million during the three months ended March 31,
2018 compared to the $10.5 million in net borrowings during the three
months ended March 31, 2017.

Quarterly Distribution

On April 26, 2018, the Partnership declared its first quarter 2018
quarterly distribution of $0.567 per unit. This is consistent with the
distribution declared during the first quarter of 2017. The quarterly
cash distribution is payable on May 21, 2018 to unitholders of record on
May 7, 2018.

RELATED COMMUNICATIONS

Ciner Resources LP will host a conference call tomorrow, May 8, 2018 at
8:30 a.m. ET. Participants can listen in by dialing 1-866-550-6980
(Domestic) or 1-804-977-2644 (International) and referencing
confirmation 8587207. Please log in or dial in at least 10 minutes prior
to the start time to ensure a connection. A telephonic replay of the
call will be available approximately two hours after the call’s
completion by calling 1-800-585-8367 or 404-537-3406 and referencing
confirmation 8587207, and will remain available for the following seven
days. This conference call will be webcast live and archived for replay
on Ciner Resources’ website at www.ciner.us.com.

ABOUT CINER RESOURCES LP

Ciner Resources LP, a master limited partnership, operates the trona ore
mining and soda ash production business of Ciner Wyoming LLC (“Ciner
Wyoming”), one of the largest and lowest cost producers of natural soda
ash in the world, serving a global market from its facility in the Green
River Basin of Wyoming. The facility has been in operation for more than
50 years.

This press release contains forward-looking statements. Statements other
than statements of historical facts included in this press release that
address activities, events or developments that the Partnership expects,
believes or anticipates will or may occur in the future are
forward-looking statements. These statements contain words such as
“possible,” “believe,” “should,” “could,” “would,” “predict,” “plan,”
“estimate,” “intend,” “may,” “anticipate,” “will,” “if,” “expect” or
similar expressions. Such statements are based only on the Partnership’s
current beliefs, expectations and assumptions regarding the future of
the Partnership’s business, projections, anticipated events and trends,
the economy and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are difficult to
predict and many of which are outside of the Partnership’s control. The
Partnership’s actual results and financial condition may differ
materially from those implied or expressed by these forward-looking
statements. Consequently, you are cautioned not to place undue reliance
on any forward-looking statement because no forward-looking statement
can be guaranteed. Factors that could cause the Partnership’s actual
results to differ materially from the results contemplated by such
forward-looking statements include: changes in general economic
conditions, the Partnership’s ability to meet its expected quarterly
distributions, changes in the Partnership’s relationships with its
customers, including American Natural Soda Ash Corporation (“ANSAC”) and
Ciner Ic ve Dis Ticaret Anonim Sirket (“CIDT”), the demand for soda ash
and the opportunities for the Partnership to increase its volume sold,
the development of glass and glass making product alternatives, changes
in soda ash prices, operating hazards, unplanned maintenance outages at
the Partnership’s production facilities, construction costs or capital
expenditures exceeding estimated or budgeted costs or expenditures, the
effects of government regulation, tax position, and other risks
incidental to the mining, processing, and shipment of trona ore and soda
ash, as well as the other factors discussed in the Partnership’s Annual
Report on Form 10-K for the year ended December 31, 2017, and subsequent
reports filed with the Securities and Exchange Commission. All
forward-looking statements included in this press release are expressly
qualified in their entirety by such cautionary statements. Unless
required by law, the Partnership undertakes no duty and does not intend
to update the forward-looking statements made herein to reflect new
information or events or circumstances occurring after this press
release. All forward-looking statements speak only as of the date made.

Supplemental Information

CINER RESOURCES LP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME

Adjustments to reconcile net income to net cash provided by
operating activities:

Depreciation, depletion and amortization expense

6.8

6.8

Equity-based compensation expense

0.4

—

Other non-cash items

0.1

0.1

Changes in operating assets and liabilities:

(Increase)/decrease in:

Accounts receivable - affiliates

9.3

(17.2

)

Accounts receivable, net

(3.2

)

(0.1

)

Inventory

(3.2

)

(0.3

)

Other current and other non-current assets

0.3

0.3

Increase/(decrease) in:

Accounts payable

5.2

1.8

Due to affiliates

0.9

—

Accrued expenses and other liabilities

(0.2

)

(3.0

)

Net cash provided by operating activities

37.3

10.8

Cash flows from investing activities:

Capital expenditures

(4.0

)

(6.0

)

Net cash used in investing activities

(4.0

)

(6.0

)

Cash flows from financing activities:

Borrowings on Ciner Wyoming credit facility

25.0

20.0

Repayments on Ciner Wyoming credit facility

(42.5

)

(9.5

)

Common units surrendered for taxes

(0.3

)

—

Distributions to common unitholders

(11.1

)

(11.2

)

Distributions to general partner

(0.2

)

(0.2

)

Distributions to non-controlling interest

(12.3

)

(12.2

)

Net cash used in financing activities

(41.4

)

(13.1

)

Net decrease in cash and cash equivalents

(8.1

)

(8.3

)

Cash and cash equivalents at beginning of period

30.2

19.7

Cash and cash equivalents at end of period

$

22.1

$

11.4

Non-GAAP Financial Measures

We report our financial results in accordance with generally accepted
accounting principles in the United States (“GAAP”). We also present the
non-GAAP financial measures of:

Adjusted EBITDA;

Distributable cash flow; and

Distribution coverage ratio.

We define Adjusted EBITDA as net income (loss) plus net interest
expense, income tax, depreciation, depletion and amortization,
equity-based compensation expense and certain other expenses that are
non-cash charges or that we consider not to be indicative of ongoing
operations. Distributable cash flow is defined as Adjusted EBITDA less
net cash paid for interest, maintenance capital expenditures and income
taxes, each as attributable to Ciner Resources LP. The Partnership may
fund expansion-related capital expenditures with borrowings under
existing credit facilities such that expansion-related capital
expenditures will have no impact on cash on hand or the calculation of
cash available for distribution. In certain instances, the timing of the
Partnership’s borrowings and/or its cash management practices will
result in a mismatch between the period of the borrowing and the period
of the capital expenditure. In those instances, the Partnership adjusts
designated reserves (as provided in the partnership agreement) to take
account of the timing difference. Accordingly, expansion-related capital
expenditures have been excluded from the presentation of cash available
for distribution. Distributable cash flow will not reflect changes in
working capital balances. We define distribution coverage ratio as the
ratio of distributable cash flow as of the end of the period to cash
distributions payable with respect to such period.

our operating performance as compared to other publicly traded
partnerships in our industry, without regard to historical cost basis
or, in the case of Adjusted EBITDA, financing methods;

the ability of our assets to generate sufficient cash flow to make
distributions to our unitholders;

our ability to incur and service debt and fund capital expenditures;
and

the viability of capital expenditure projects and the returns on
investment of various investment opportunities.

We believe that the presentation of Adjusted EBITDA, distributable cash
flow and distribution coverage ratio provide useful information to
investors in assessing our financial condition and results of
operations. The GAAP measures most directly comparable to Adjusted
EBITDA and distributable cash flow are net income and net cash provided
by operating activities. Our non-GAAP financial measures of Adjusted
EBITDA, distributable cash flow and distribution coverage ratio should
not be considered as alternatives to GAAP net income, operating income,
net cash provided by operating activities, or any other measure of
financial performance or liquidity presented in accordance with GAAP.
Adjusted EBITDA and distributable cash flow have important limitations
as analytical tools because they exclude some, but not all items that
affect net income and net cash provided by operating activities.
Investors should not consider Adjusted EBITDA, distributable cash flow
and distribution coverage ratio in isolation or as a substitute for
analysis of our results as reported under GAAP. Because Adjusted EBITDA,
distributable cash flow and distribution coverage ratio may be defined
differently by other companies, including those in our industry, our
definition of Adjusted EBITDA, distributable cash flow and distribution
coverage ratio may not be comparable to similarly titled measures of
other companies, thereby diminishing its utility.

The table below presents a reconciliation of the non-GAAP financial
measures of Adjusted EBITDA and distributable cash flow to the GAAP
financial measures of net income and net cash provided by operating
activities:

Three Months Ended March 31,

(Dollars in millions, except per unit
data)

2018

2017

Reconciliation of Adjusted EBITDA to net income:

Net income

$

20.9

$

22.4

Add backs:

Depreciation, depletion and amortization expense

6.8

6.7

Interest expense, net

0.7

0.9

Restructuring charges and other, net (included in selling, general
and administrative expenses)

Contacts

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